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45 minutes ago, Malcolm said:


that’s the keep point, it’s impossible to plan as nobody knows how long for - I am working on the basis that it’s pipe and slippers after 80, if I can make it to then.

The other spectre on the horizon is care home costs.  Just been through that with my parents and it’s horrific.  Care home closest to me is £3000 per week. PER WEEK!  I’d rather stay in the balmoral or top myself.

 

 

The ‘unknown’ is what makes opting out the final salary a bit more risky,  as I have to manage my pension myself rather than let someone else take the risk. But the only way I could have kept both pensions final salary would be to have retired at my official pension age of 67. Along with my state pension they would give me an ok income, and I know i am very lucky to have them . But I dont want to wait till I am 67 if there is an alternative. My dad died at 68 my mum at 77 . I will just need to learn to not buy so much utter shit I don’t need. 
Some folk love their job and want to work on. Not me. 

Care home costs are a bloody disgrace. £3k a week does seem particularly excessive right enough . Getting very old and is not something I like to dwell on but its hard to avoid when you get to a certain age.

 

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3 hours ago, Big Ramy 1314 said:

Anyone retired lately or retiring soon? I will be retiring from the Ottawa Water Systems, Friday April 21, my 55th birthday. You need to be 55 to qualify for your pension over here. I will retire with 36 years with the City of Ottawa. Bit nervous, been at this Corporation since I was 19 years old. I may work part time to keep busy, fish, kayak, I don't know. Just know I'm excited yet nervous, and apparantly that's normal. So I get 72% of my salary, cheque at the end of every month till the day I die. How does it work in Scotland? Is there a specific age to retire? Just curious.. Cheers.. 🏴󠁧󠁢󠁳󠁣󠁴󠁿👍

Congratulations / Enjoy!

55 is a great time to 'get on with it' if you can - It's not a rehearsal either - You're only here the once 👍

That said, there's a balance though, and to go from FT to zero will be 'different' for you - I took a package at 49 - Tried it (Golf Course most days / AB24 & Scotland away trips) - Way too early (For me)

Now 58, and have been 'working' (*Cough) at a local fee paying school 3 days per week, term time only for the last 5 years - Perfect for us / me

Fortunately I have a couple of FS schemes, one of which I draw, that allows me to do this right now - My wife is 55 this summer - With her FS contribution and our combined DC schemes we probably won't wait much longer - We like to travel, and have just purchased a new motorhome for UK / Euro trips too

A much better alternative to the 1000 mile round trip watching the Dons get pumped 

 

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Well done Ramy

I'm 55 too and albeit retired

I am currently on a "career break" as i'm caring full time for my Dad who is 92 - still on the books but dont get any wages

I took partial retirement when i was 51 and my work pension is £400 a month & that will be it till i get my state pension

My Aunt sadly passed away 5 months ago - me and my cousin are the beneficiaries of her estate 50/50 - and we are waiting on the solicitors finalising it. She was loaded 

We will get fucked with 40% Inheritance tax on everything above £325,000 though 

But it should be enough so i dont need to work again  

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Took early retirement 1.5 years ago, comfortable package but not a dining out package 3 times a week, saved/shares allowed us to go at 56/51, living off of investments hopefully for another 7/8 years then have to draw off the pot which is comfortable but not big, retired 3 months before the Ukraine/Russia war pot was steadily rising but since then not made a penny and down approx 20k off of a 250k starting point, btw loved my job, having second thoughts, too young to retire, done all the jobs around the house, now twiddling the thumbs.

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33 minutes ago, Ally Bongo said:

Well done Ramy

I'm 55 too and albeit retired

I am currently on a "career break" as i'm caring full time for my Dad who is 92 - still on the books but dont get any wages

I took partial retirement when i was 51 and my work pension is £400 a month & that will be it till i get my state pension

My Aunt sadly passed away 5 months ago - me and my cousin are the beneficiaries of her estate 50/50 - and we are waiting on the solicitors finalising it. She was loaded 

We will get fucked with 40% Inheritance tax on everything above £325,000 though 

But it should be enough so i dont need to work again  

Enjoy mate..👍

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2 hours ago, Redz said:

Congratulations / Enjoy!

55 is a great time to 'get on with it' if you can - It's not a rehearsal either - You're only here the once 👍

That said, there's a balance though, and to go from FT to zero will be 'different' for you - I took a package at 49 - Tried it (Golf Course most days / AB24 & Scotland away trips) - Way too early (For me)

Now 58, and have been 'working' (*Cough) at a local fee paying school 3 days per week, term time only for the last 5 years - Perfect for us / me

Fortunately I have a couple of FS schemes, one of which I draw, that allows me to do this right now - My wife is 55 this summer - With her FS contribution and our combined DC schemes we probably won't wait much longer - We like to travel, and have just purchased a new motorhome for UK / Euro trips too

A much better alternative to the 1000 mile round trip watching the Dons get pumped 

 

Nice one mate. I would love a motor home. That's the way to go ! 👍

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4 hours ago, Redz said:

And reserved, please don't forget that very important bit


probably for the best.  If Useless had his way I am sure he would br7ng in a progressive policy to reduce state pension of those that had managed to save a bit.  That’s the kind of tosser he is and worse with Harvie.

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I’ve got a good few years to go till retirement age however when I moved in with Mrs F the plan was I would sell my flat. Long story short but I never got round to selling it and have been renting it since.  As it stands my plan is to sell it when I turn 60 and use the proceeds to live off till I hit state and private pension age. Missus is a few years older than me so will hopefully mean we can be retired  around the same time. 

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I could go this year (I’m 55 as well) and to be honest the job is pissing me off to the extent I’m considering it. The thing putting me off is that I’ve seen other guys go at this age and almost all of them have ended up going back to work within a year or two. Also, although the pension I would get looks quite attractive just now with the way inflation is going maybe it won’t look quite so good in a few years.

Maybe partial retirement is the way to go as that is an option but they say when in doubt do nothing. So, on balance I think I’ll plod on for a bit and see if redundancies come around again.

Good thread this 👍

Its interesting to read others perspectives.

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11 hours ago, Ally Bongo said:

Well done Ramy

I'm 55 too and albeit retired

I am currently on a "career break" as i'm caring full time for my Dad who is 92 - still on the books but dont get any wages

I took partial retirement when i was 51 and my work pension is £400 a month & that will be it till i get my state pension

My Aunt sadly passed away 5 months ago - me and my cousin are the beneficiaries of her estate 50/50 - and we are waiting on the solicitors finalising it. She was loaded 

We will get fucked with 40% Inheritance tax on everything above £325,000 though 

But it should be enough so i dont need to work again  

Nothing nicer than hearing a carer getting some good fortune Ally, albeit no one wants it to be at the expense of a family member . I am assuming your aunt was a good age though and had a fairly comfortable life. 

Enjoy your inheritance 😊

 

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9 hours ago, Malcolm said:


probably for the best.  If Useless had his way I am sure he would br7ng in a progressive policy to reduce state pension of those that had managed to save a bit.  That’s the kind of tosser he is and worse with Harvie.

Aye, I can see how a PM that pays less tax than the guy who shines his shoes would be more attractive to you Malcolm. 

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As I headed towards retirement age, I was also hacked off with my job. I took the plunge when redundancy was on the table and went back to Uni at 50 to train as a Primary Teacher. Takes 2 years to get fully qualified and I'm currently in my fourth year of teaching as I approach 56 next month. I think the change has worked well for me. Really enjoy it and have no plans, as yet, to stop. I'm also coaching boy's football (and school team) and taking my badges. Can't imagine what I'd do with nothing to do, if that makes any sense 😂 I get 13 weeks holidays a year and work Monday to Friday. Kids are 10 and 12. My Mrs is 5 years younger and runs her own yoga classes, so as long as we're fit and healthy, we're just going to keep going. In 10 years I'll hit state pension age. Might stop full time a few years earlier and do supply teaching. Ultimately, between my previous employment pension, 15 years teacher's pension and state pension, I should be mortgage free and just over 2 grand a month at 65/66. Quite happy with that 👍

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9 hours ago, Malcolm said:


probably for the best.  If Useless had his way I am sure he would br7ng in a progressive policy to reduce state pension of those that had managed to save a bit.  That’s the kind of tosser he is and worse with Harvie.

The SNP may not be in government post indy

You know that though

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58 minutes ago, slasher said:

I could go this year (I’m 55 as well) and to be honest the job is pissing me off to the extent I’m considering it. The thing putting me off is that I’ve seen other guys go at this age and almost all of them have ended up going back to work within a year or two. Also, although the pension I would get looks quite attractive just now with the way inflation is going maybe it won’t look quite so good in a few years.

Maybe partial retirement is the way to go as that is an option but they say when in doubt do nothing. So, on balance I think I’ll plod on for a bit and see if redundancies come around again.

Good thread this 👍

Its interesting to read others perspectives.

Agreed

And very clear that one size does not fit all 👍

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22 minutes ago, TDYER63 said:

Aye, I can see how a PM that pays less tax than the guy who shines his shoes would be more attractive to you Malcolm. 

Remember that you're conversing with Mr Deliberate Conflation.....

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40 minutes ago, slasher said:

I could go this year (I’m 55 as well) and to be honest the job is pissing me off to the extent I’m considering it. The thing putting me off is that I’ve seen other guys go at this age and almost all of them have ended up going back to work within a year or two. Also, although the pension I would get looks quite attractive just now with the way inflation is going maybe it won’t look quite so good in a few years.

Maybe partial retirement is the way to go as that is an option but they say when in doubt do nothing. So, on balance I think I’ll plod on for a bit and see if redundancies come around again.

Good thread this 👍

Its interesting to read others perspectives.

5 years will fly by Slasher. I started seriously wanting to go at 55 and Mr Tidy downloaded a retirement app at that time. He gets a text every day. I remember it clearly as it used to go off in the middle of the night and would drive me mad . 
‘ You have 4 years, 8 months, 3 days , 18 hours, 22 mins and 12 seconds to retire ment ! Accompanied by a corny phrase like ‘Honey , I am home . Forever !’ 
I was thinking fuck, if that thing continues to go off at 2am he will be GONE forever. 
And here we are, only 9 months away now.

I think 55 might be a bit early for a lot of people, unless you are very wealthy or have a fantastic pension. I have been hoping for redundancy for a few years and I think it may be certain within 2 years now. But I have decided I am not continually holding on as time is pushing on. You have a few years though. 

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31 minutes ago, TDYER63 said:

Aye, I can see how a PM that pays less tax than the guy who shines his shoes would be more attractive to you Malcolm. 


that not directly related is it?  The point I am making is that the state pension should not be means tested.  Its an entitlement not a benefit. Anyway, those with significant retirement incomes are taxed already in the normal way as it’s treated like any other income.

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17 minutes ago, TDYER63 said:

5 years will fly by Slasher. I started seriously wanting to go at 55 and Mr Tidy downloaded a retirement app at that time. He gets a text every day. I remember it clearly as it used to go off in the middle of the night and would drive me mad . 
‘ You have 4 years, 8 months, 3 days , 18 hours, 22 mins and 12 seconds to retire ment ! Accompanied by a corny phrase like ‘Honey , I am home . Forever !’ 
I was thinking fuck, if that thing continues to go off at 2am he will be GONE forever. 
And here we are, only 9 months away now.

I think 55 might be a bit early for a lot of people, unless you are very wealthy or have a fantastic pension. I have been hoping for redundancy for a few years and I think it may be certain within 2 years now. But I have decided I am not continually holding on as time is pushing on. You have a few years though. 


i think I will do about 10 years, but probably won’t stop altogether straight away.  I might glide in to retirement part time, or do non exec or advisory work for a while to keep me amused. Around 60ish or bit before sounds good.

I live in my own, but if I did live with someone I think I would work longer!

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12 minutes ago, Malcolm said:


that not directly related is it?  The point I am making is that the state pension should not be means tested.  Its an entitlement not a benefit. Anyway, those with significant retirement incomes are taxed already in the normal way as it’s treated like any other income.

It’s not an entitlement although the government tries to tell us that it is, I’ve contributed through NI contributions since I was 16. If I had put the portion of NI contributions that should provide my future state pension into a private scheme I could probably have retired with a superb standard of living. But no the government ( con’s & labour) have all ripped the pish out of us & blown/stolen/misused our future retirement funds.

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31 minutes ago, TDYER63 said:

5 years will fly by Slasher. I started seriously wanting to go at 55 and Mr Tidy downloaded a retirement app at that time. He gets a text every day. I remember it clearly as it used to go off in the middle of the night and would drive me mad . 
‘ You have 4 years, 8 months, 3 days , 18 hours, 22 mins and 12 seconds to retire ment ! Accompanied by a corny phrase like ‘Honey , I am home . Forever !’ 
I was thinking fuck, if that thing continues to go off at 2am he will be GONE forever. 
And here we are, only 9 months away now.

I think 55 might be a bit early for a lot of people, unless you are very wealthy or have a fantastic pension. I have been hoping for redundancy for a few years and I think it may be certain within 2 years now. But I have decided I am not continually holding on as time is pushing on. You have a few years though. 

😂 That’s one app I won’t be downloading!

I quite admire those who have a bit of clarity about the whole thing like Ramy & killiefaetheferry. I’m normally quite a decisive person but retirement seems like such a massive decision that has crept up on me. Mrs Slasher is a bit younger and stupidly didn’t pay into anything until you had to, so she will be years behind me as well which is another factor to consider. 
I guess I’ll kick the can down the road a bit and hope swathing budget cuts take the decision oot ma hands! 😂

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